The traditional classification method divides the deposit business of commercial banks into

According to the traditional deposit classification method, there are three main types of deposits in commercial banks, namely demand deposits, time deposits and savings deposits.

1, demand deposit

Mainly refers to deposits that depositors can access and transfer at any time. It has no exact time limit, and banks have no right to require customers to give written notice in advance when withdrawing money. Depositors with current deposit accounts can withdraw their deposits in various ways, such as writing checks, promissory notes, money orders, telephone transfers, using ATMs or other means.

2. Time deposit

Refers to the deposit with a pre-agreed maturity between the customer and the bank. Generally, the term of deposit is 3 months, 6 months, 1 year, and the longest is 5 years or1year. Interest rates vary with the duration, but they are all higher than demand deposits. Certificates of deposit can be used as collateral to obtain bank loans.

3. Savings deposits

Mainly refers to the deposit opened by individuals in order to save money and obtain certain interest income. Savings deposits can also be divided into demand deposits and time deposits. Savings deposits have two characteristics: first, most savings deposits are made by individuals in order to accumulate purchasing power. Second, the financial supervision authorities have strict regulations on commercial banks engaging in savings business.